The aroma ingredients market is expected to grow from USD 2.27 billion in 2018 to USD 2.83 billion by 2023, at a CAGR of 4.5% between 2018 and 2023. The market has been segmented based on type, application, and region. Based on type, the synthetic ingredients segment of the market is projected to grow at the highest CAGR, in terms of value between 2018 and 2023. The growth of the synthetic ingredients segment of the aroma ingredients market can be attributed to its low cost, high performance, and easy availability.

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Aroma ingredients are defined as organic compounds with a defined chemical structure that are isolated from microbial fermentation, plant or animal sources, or produced by organic synthesis. The increasing demand for personal care products, coupled with changes in lifestyles and consumer preferences is fueling the growth of the aroma ingredients market. However, the requirement of significant investments in R&D and stringent government regulations are hampering the market growth.

Based on the application, the toiletries segment of the aroma ingredients market is projected to grow at the highest CAGR in terms of value between 2018 and 2023. Due to the increasing purchasing power of the middle-class population, there is a rise in the demand for soaps, shampoos, conditioners, and hygiene products in emerging countries, which in turn, is fueling the growth of the aroma ingredients market in the toiletries application.

The APAC aroma ingredients market is projected to grow at the highest CAGR in terms of value, between 2018 and 2023. Increasing disposable incomes of middle-class populations in emerging economies of the APAC region, coupled with the flourishing personal care industry, make the region an attractive market for aroma ingredients. Growing demand for personal care and hygiene products in the region is also leading to a high consumption of aroma ingredients in this region.

The key players in the aroma ingredients market include Symrise (Germany), Takasago International Corporation (Japan), Sensient Technologies Corporation (US), MANE (France), Robertet SA (France), T. Hasegawa Co., Ltd. (Japan), Frutarom (Israel), Givaudan (Switzerland), Firmenich SA (Switzerland), and International Flavors & Fragrances Inc. (US).